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The advocacy wins for the Credit Union National Association (CUNA), in cooperation with your League, continue to pile up in Washington, D.C. On Valentine's Day, the House showed its 'love' for credit unions by passing two-CUNA supported regulatory relief bills. The League is pleased to report that Congressman Bruce Poliquin, who serves on the House Financial Services Committee, supported both bills.
The successful votes in favor of CU-supported legislation took place on the TRID Improvement Act of 2017 (H.R. 3978), and the Protecting Consumers' Access to Credit Act (H.R. 3299). In H.R. 3978, amendments to the Real Estate Settlement Procedures Act would require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of the title insurance premiums and any other available discounts to homebuyers. H.R. 3299 makes amendments to the Federal Credit Union Act requiring state loans with a maximum rate of interest, in accordance with federal law, to remain valid, even if a bank or loan has been sold to a third party.
Todd Mason, President of the Maine Credit Union League, expressed his pleasure with both votes. "Any opportunity to provide common sense regulatory relief for Maine credit unions is welcome news. We will thank Congressman Poliquin in person later this month at our Annual Breakfast with Maine's Congressional Delegation on Capitol Hill, as part of the Governmental Affairs Conference. We will also be discussing our support with Senators Collins and King to ask for their help in moving both bills forward in the Senate."